"When Money Dies: The Nightmare of Deficit Spending, Devaluation, and Hyperinflation in Weimar Germany" is a book written by Adam Fergusson, first published in 1975, that provides a detailed account of the economic collapse and hyperinflation experienced in Germany during the Weimar Republic period (1918-1933).

The book starts by setting the stage with the end of World War I and the signing of the Treaty of Versailles. The treaty imposed heavy reparations on Germany, which led to significant economic difficulties, including hyperinflation. The author explains how the German government initially tried to pay the reparations by borrowing heavily from foreign countries, but this strategy proved unsustainable.

As the economic situation worsened, the German government resorted to printing more money, leading to hyperinflation. The author describes how the value of the German mark decreased rapidly, with prices of goods and services increasing exponentially. People had to carry around large amounts of cash just to buy basic necessities, and many businesses resorted to bartering instead of using money.

Fergusson goes into great detail about the effects of hyperinflation on the German people, including widespread poverty, unemployment, and social unrest. He also discusses how the government and the central bank attempted to address the crisis, often with misguided policies that only made the situation worse.

The book also explores the cultural and psychological effects of hyperinflation. The author describes how people became obsessed with money and hoarding goods, leading to a breakdown of social norms and values. The middle class, in particular, suffered greatly, as their savings became worthless, and they were forced into poverty.

Throughout the book, Fergusson draws parallels between the Weimar Republic and other countries that have experienced hyperinflation, such as Zimbabwe and Venezuela. He also discusses the lessons that can be learned from the Weimar experience, including the dangers of deficit spending and the importance of an independent central bank.

Overall, "When Money Dies" is a fascinating and sobering account of one of the most extreme economic crises in modern history. The book provides a detailed analysis of the causes and effects of hyperinflation and highlights the importance of sound economic policies and institutions. It is a must-read for anyone interested in economics, history, or politics.

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